Lynas Rare Earths reported a dip in gross sales revenue to $101.2 million from $136.2 million for the third quarter of FY24, alongside closing cash and short-term deposits of $616.7 million, down from $686.1 million.
Despite low NdPr prices, the company highlighted strong production rates, particularly 1,724 tonnes of NdPr produced. The company opted to retain inventory amidst the market downturn, anticipating price recovery, which began in April.
Growth projects, such as the Kalgoorlie facility and the Mt Weld Expansion Project, are progressing as planned.
The Kalgoorlie project's budget was adjusted to approximately $800 million due to extended commissioning timelines, to be financed from existing cash reserves within the FY24 capital expenditure envelope.